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- Re: excess distributions taken due to having funds from EIDL Loans
excess distributions taken due to having funds from EIDL Loans
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gatekeeper651
Level 1
03-01-2022
10:29 PM
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I am running into this more and more frequently - Scorp owners taking excess distributions with the EIDL funds so now I have negative equity. Do I just make them pay capital gains? What is everyone doing?
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1 Comment 1
sjrcpa
Level 15
03-02-2022
09:37 AM
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Negative equity is not the problem per se.
If they have distributions in excess of basis it is taxable to the shareholder as capital gain.
The more I know, the more I don't know.
